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The UK Endorsement Board (UKEB), which was set up to endorse and adopt new or amended international accounting standards, has announced the appointment of Pauline Wallace as its first permanent chairman.
It is reported that Wallace’s three year term as chairman will officially commence on 11 September 2022.
Prior to her appointment, she has held the role of chairman on an interim basis since September 2020 and has led the establishment of the board and its early work.
One of her efforts in her interim role reportedly included the UKEB’s adoption of International Financial Reporting Standard 17 (IFRS 17) Insurance Contracts, a major new international accounting standard relating to insurance contract accounting, which was adopted for use in the UK on 16 May 2022.
Martin Callanan, minister for corporate responsibility, said: “I am delighted that Pauline Wallace will continue in her role as chairman of the UK Endorsement Board. Pauline has demonstrated strong leadership during her interim appointment.
“I look forward to the next three years of the UKEB’s work with Pauline at the helm.”
Wallace said: “It has been my privilege to serve as the UKEB’s interim chairman and to lead it through a successful inaugural year. As permanent chairman I look forward to working with the board and all of our stakeholders to continue to build upon the solid foundations that we put in place in 2021 to 2022.
“I am proud of what we achieved in our first year and confident that the UKEB will continue to maintain the UK’s position as a thought leader and key influencer of international financial reporting.”
